Chapter 12 - Business Analytics

Question 1

What is BA?

Answer 1

Business Analytics - The process of developing actionable decisions or recommendations for actions based on insights generated from historical data

Question 2

What is BI?

Answer 2

Business Intelligence - A broad category of applications, technologies and processes for managing data to help business users make more informed decisions

Question 3

What are some common challenges of BA?

Answer 3

1. Too many data sources
2. Lack of skills
3. Data storage limitations

Question 4

What is Operation Control?

Answer 4

Executing specific tasks efficiently and effectively

Question 5

What is Management Control?

Answer 5

Acquiring and using resources efficiently in accomplishing organizational goals

Question 6

What is Strategic Planning?

Answer 6

The long-range goals and policies for growth and resource allocation

Question 7

What are Descriptive Analytics?

Answer 7

Summarizes what has happened in the past and enables decision makers to learn from past behaviour

Question 8

What is Data Mining?

Answer 8

Process of searching for valuable business information in a large database, data warehouse, or data mart

Question 9

What are Predictive Analytics?

Answer 9

Examines recent and historical data to detect patterns and predict future outcomes and trends

Question 10

What are Prescriptive Analytics?

Answer 10

Recommending one or more courses of action and identifying the likely outcome of each decision